Edge Act Banks

question 68

Multiple Choice

Edge Act banks

• A)are not prohibited from owning equity in business corporations.
• B)are prohibited from owning equity in business corporations.
• C)both a and b
• D)None of the above

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Definitions:

Mortgage

A legal agreement by which a bank, building society, etc., lends money at interest in exchange for taking the title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Assignment

The transfer of rights or property from one party to another.

Delegation

The act of assigning responsibility or authority from one person or group to another.

Creditor Beneficiary

is a third party that benefits from a contract wherein the promisor agrees to pay the promisee's debt to the third party.